Auto Loans
Find competitive rates and flexible terms for your next vehicle purchase
Top-Rated Auto Loan Providers
Capital One Auto
Credit Score Required: 600+
Loan Amount: $4,000 - $100,000
APR Range: 3.99% - 12.99%
Term Length: 24-84 months
Pros
- Pre-qualification with soft credit pull
- Large dealer network
- Competitive rates
Cons
- Vehicle age/mileage restrictions
- Not available in all states
LightStream
Credit Score Required: 660+
Loan Amount: $5,000 - $100,000
APR Range: 2.49% - 11.89%
Term Length: 24-84 months
Pros
- Same-day funding available
- No fees or prepayment penalties
- Unsecured loans available
Cons
- Higher credit requirements
- No pre-qualification option
Auto Loan Requirements & Considerations
Vehicle Requirements
Most lenders have restrictions on vehicle age (typically under 10 years) and mileage (usually under 100,000 miles).
Down Payment
A down payment of 10-20% is recommended. Larger down payments can secure better rates and lower monthly payments.
Income & Credit
Stable income and a credit score of 600+ typically required. Higher scores qualify for better rates.
Documentation
You'll need proof of income, residence, insurance, and vehicle information including VIN number.
Frequently Asked Questions
New vs. Used Car Loans: What's the Difference?
New car loans typically offer lower interest rates but require higher credit scores. Used car loans may have higher rates but are often easier to qualify for.
Should I Get Pre-approved?
Yes, getting pre-approved gives you negotiating power at the dealership and helps you understand your budget before shopping.
What Affects Auto Loan Rates?
Credit score, down payment amount, loan term length, vehicle age, and whether the car is new or used all impact your interest rate.
Can I Refinance an Auto Loan?
Yes, refinancing can lower your interest rate or monthly payment, especially if your credit score has improved since the original loan.